Permanent TSB sells Project Glas loans for €1.3 billion

Permanent TSB sells Project Glas loans for €1.3 billion
PTSB has been under pressure to reduce NPLs

Permanent TSB, along with other banks, has been under pressure from regulators to reduce the level of non-performing loans (NPLs) on its books. The bank says this sale will cut that ratio from 25 per cent to 16 per cent

Permanent TSB has sold its Project Glas loan portfolio for €1.3 billion to Lone Star, through the US fund's subsidiary Start Mortgages. News of the deal sent the bank’s shares up by more than 9 per cent to €2.10 in Dublin.

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